20 MILLION NEW JOBS UNDER THE CLINTON-GORE ADMINISTRATION
December 3, 1999

20 MILLION NEW JOBS UNDER THE CLINTON-GORE ADMINISTRATION. In 1992,
when Bill Clinton was elected President, the American economy was barely
creating jobs, wages were stagnant, and the unemployment rate was 7.5
percent. His bold, three-part economic strategy focused on three
objectives: fiscal discipline to help reduce interest rates and thereby
spur business investment; invest in education, health care, science and
technology so that America can meet the challenges of the 21st century;
and open foreign markets so that American workers have a fair chance to
compete abroad.

Seven years later, the results are in.

JOBS ARE UP

20.0 Million New Jobs Created Under the Clinton-Gore
Administration. Since 1993, the economy has added 20.0 million new
jobs. That's the most jobs ever created under a single Administration

and more new jobs than Presidents Reagan and Bush created during
their three terms. Under President Clinton, the economy has added an
average of 244,000 jobs per month, the highest of any President on
record. This compares to 52,000 per month under President Bush and
167,000 per month under President Reagan.

92 Percent - 18.5 Million - of the New Jobs Have Been Created in
the Private Sector. Since President Clinton and Vice President Gore
took office, the private sector of the economy has added 18.5 million
new jobs. That is 92 percent of the 20.0 million new jobs - the
highest percentage since Harry S. Truman was President and presiding
over the post-World War II demobilization.

Most Rapid Growth in Construction Jobs In 50 Years. After losing
662,000 jobs in construction during the previous four years, 1.9
million new construction jobs have been added during the Clinton-Gore
years - that's a faster annual rate (5.1 percent) than any other
Administration since Harry S. Truman was President.

Most Rapid Growth in Auto Jobs in More than 30 Years. After
losing 46,000 jobs in the automobile industry during the previous 4
years, 156,000 new auto jobs have been added under President Clinton's
leadership - that is a faster annual rate of auto job growth (2.5
percent) than any other Administration since Lyndon B. Johnson was
President.

Manufacturing Jobs Are Up Under President Clinton After Falling
Sharply During the Previous 12 Years. Although economic troubles in
East Asia have dampened U.S. exports and reduced manufacturing jobs
over the last 18 months, manufacturing jobs are up 252,000 overall
under President Clinton, after declining by 2.1 million under
Presidents Bush and Reagan.

WAGES ARE UP

Eighty-one Percent of the New Jobs Since 1992 Have Been High-Wage
Jobs. According to a study by the Council of Economic Advisers and
the U.S. Department of Labor, 81 percent of all new jobs are located
in industry/occupation categories that pay above-median wages.

Fastest and Longest Real Wage Growth in Two Decades. In the last
12 months, average hourly earnings have increased 3.6 percent - faster
than the rate of inflation. This marks the fourth consecutive year of
real wage growth - the longest consecutive increase since the early
1970s. Under President Clinton, real wages are up 6.5 percent, after
declining 4.3 percent during the Reagan and Bush years. Real wage
growth in 1998 reached 2.6 percent - the largest increase since 1972.

Real Wage Gains Across the Income Spectrum. While real wages fell
for the typical worker between 1981 and 1993, the declines for poorer
workers were even more severe. Under President Clinton and Vice
President Gore, all groups have shared in rising real wages - with
some of the largest gains enjoyed by hard-pressed working Americans.
According to a study by the Council of Economic Advisers and the U.S.
Department of Labor, between 1994 and 1998, workers at the bottom of
income distribution (at the 10th percentile) saw a 1.2 percent average
annual growth in wages -about the same as the 1.3 percent average
annual growth of workers at the top of the income distribution (at the
90th percentile).

UNEMPLOYMENT IS DOWN

The Largest Decline in Unemployment of Any Administration in Over
50 Years. Under President Clinton, the unemployment rate has declined
from 7.3 percent in January 1993 to 4.1 percent in November 1999.
This 3.2 percentage point decline is the largest under any single
Administration since Franklin D. Roosevelt was President.

Unemployment at 4.1 Percent in November - the Lowest in Nearly 30
Years. In November, the unemployment rate fell to 4.1 percent. It
has remained below 5 percent for 29 months in a row - that is the
lowest unemployment rate since January 1970. For women the
unemployment rate was 4.2 percent - staying around the lowest level
since 1953.

African American and Hispanic Unemployment Rates Reached Record
Lows in 1999. The unemployment rate for African Americans has fallen
from 14.2 percent in 1992 to 8.1 percent in November 1999. In the
last year, African-American unemployment has fallen to the lowest rate
on record. The unemployment rate for Hispanics has fallen from 11.6
percent in 1992 to 6.0 percent in November 1999. In the last year,
Hispanic unemployment has fallen to the lowest rate on record.

INFLATION IS DOWN

Inflation - Lowest Since the 1960s. Inflation remains virtually
non-existent, with the underlying core rate of inflation at 1.9
percent this year - the lowest rate since 1965. In the last four
quarters the GDP price index has risen 1.3 percent - the lowest rate
of increase since 1963.

THE CLINTON-GORE ECONOMIC RECORD:
WHAT A DIFFERENCE 7 YEARS MAKES
December 3, 1999

AFTER NEARLY SEVEN YEARS, THE RESULTS OF PRESIDENT CLINTON AND VICEPRESIDENT GORE'S ECONOMIC LEADERSHIP FOR THE AMERICAN PEOPLE ARE CLEAR.
In 1992, when Bill Clinton was elected President, the American economy
was barely creating jobs, wages were stagnant, and the unemployment rate
was 7.5 percent. His bold, three-part economic strategy focused on
three objectives: fiscal discipline to help reduce interest rates and
thereby spur business investment; invest in education, health care,
science and technology so that America can meet the challenges of the
21st century; and open foreign markets so that American workers have a
fair chance to compete abroad. Today, many more Americans are sharing
in the new economic prosperity and joining the circle of opportunity.

Jobs Are Up: More Than 20 Million Created Since January 1993
- 1988-1992. The private-sector was barely creating jobs and had
experienced one of the worst four-year periods of job growth in
history.
- Today. The economy has created 20.0 million new jobs since
January 1993, with 18.5 million in the private sector alone, a faster
annual growth rate than any Republican Administration since the 1920s.

Unemployment Is Down: The Lowest Peacetime Rate in 29 Years
- 1981-1992. The unemployment rate averaged 7.1 percent and rose to
more than 10 percent in 1982 and 1983.
- Today. In November, the unemployment rate was 4.1 percent - the
lowest level in nearly 30 years. The unemployment rate has been below
5 percent for 29 consecutive months.

Deficit Eliminated: Two Consecutive Budget Surpluses
- 1992. The deficit was $290 billion - the highest dollar level in
history. When President Clinton took office, the Congressional Budge
Office projected that the deficit would hit $404 billion in 1999, and
head higher.
- Today. In 1999, we had a budget surplus of $124 billion - the
largest dollar surplus on record (even after adjusting for inflation)
and the largest as a share of our economy since 1951. With the
President's plan, we are now on track to eliminate the nation's
publicly held debt by 2015.

Faster Economic Growth: 3.8 Percent Per Year
- 1981-1992. The economic grew an average 1.7 percent per year under
President Bush and 2.8 percent per year during the Reagan-Bush years.
- Today. Since President Clinton took office, growth has averaged
3.8 percent per year.

Private-Sector Growth Is Up: 4.3 Percent Per Year
- 1981-1992. The private sector of the economy grew 2.9 percent
annually from 1981-1992.
- Today. The private sector of the economy has grown 4.3 percent
annually since 1993.

Equipment and Software Investment Is Growing Faster Than Ever
- 1988-1992. Real equipment and software investment rose just 3.8
percent annually during the previous Administration.
- Today. Real equipment and software investment is up 12.5 percent
per year - faster than any Administration on record.

January 1983- a record high, and never dropped below 10 percent.
- Today. The African-American unemployment rate has fallen from 14.2
percent in 1992 to 8.1 percent in November 1999. In the last year,
African-American unemployment has fallen to the lowest rate on record.

Unemployment for Hispanics Recovered From Record Highs to Achieve Record
Lows
- 1981-1992. Hispanic unemployment hit a record high of 15.7 percent
in 1982.
- Today. The Hispanic unemployment rate has dropped from 11.6
percent in 1992 to 6.0 percent in November 1999. In the last year,
Hispanic unemployment has fallen to the lowest rate on record.

Poverty For African-Americans Dropped to Lowest On Record
- 1981-1992. Between 1980-1992, the poverty rate for African
American remained at 30 percent or more.
- Today. Since 1993, the African-American poverty rate has dropped
from 33.1 percent to 26.1 percent in 1998 - that's its lowest level
recorded and that's the largest five-year drop in African-American
poverty in more than a quarter century (1967-1972).

Poverty For Hispanics Dropped to Lowest Since 1979
- 1981-1992. Between 1980-1992, the poverty rate for African
American increased from 25.7 percent to 29.6 percent.
- Today. Since 1993, the Hispanic poverty has dropped to 25.6
percent-the lowest since 1979.

Family Income Up More Than $5,000 Since 1993
- 1988-1992. Median family income, adjusted for inflation, fell by
$1,864, dropping from $44,354 in 1988 to $42,490 in 1992.
- Today. Since 1993, real median family income has increased by
$5,046, rising from $41,691 in 1993 to $46,737 in 1998.

Welfare Rolls Dropped Dramatically: Lowest Since 1969
- 1981-1992. The number of welfare recipients increased by almost
2.5 million (a 22 percent increase) to 13.6 million people.
- Today. The number of welfare recipients dropped by almost 6.8
million (a 48 percent decline) to 7.3 million between January 1993 and
March 1999 - the lowest level since 1969.

Homeownership Is Up: The Highest in American History
- 1981-1992. The homeownership rate fell from 65.6 percent in the
first quarter of 1981 to 63.7 percent in the first quarter of 1993.
- Today. In the third quarter 1999, the homeownership rate was 67.0 -
the highest ever recorded.

Paul Volcker, Former Federal Reserve Board Chairman, Audacity, Fall
1994: "The deficit has come down and I give the Clinton Administration
and President Clinton a lot of credit for that....and I think we are
seeing some benefits."

David Wyss, DRI/McGraw-Hill, 6/10/96: "If you look at the economy
during the Clinton Administration, you have to say that it's been a
success. We have low inflation, full employment, and steady growth.
This is really just about the best of all macroeconomic worlds."

U.S. News and World Report, 6/17/96: "President Clinton's budget
deficit program begun in 1993.[led] to low interest rates, which begat
greater investment growth (by double digits since 1993, the highest rate
since the Kennedy administration), which begat three-plus years of solid
economic growth averaging 2.6 percent annually, 50 percent higher than
during the Bush presidency."

Business Week, 5/19/97: "Clinton's 1993 budget cuts, which reduced
projected red ink by more than $400 billion over five years, sparked a
major drop in interest rates that helped boost investment in all the
equipment and systems that brought forth the New Age economy of
technological innovation and rising productivity."

Goldman Sachs, March 1998: Calling this "the best economy ever",
Goldman Sachs reports that "trade, fiscal, and monetary policies have
been excellent, working in ways that have facilitated growth without
inflation. The Clinton Administration has worked to liberalize trade
and has used any revenue windfalls to reduce the federal budget
deficit."

Financial Times (London), 5/13/99: "[The] 1993 deficit reduction
plan.put the US on course for its first budget surpluses in almost
thirty years. This in turn allowed the lower interest rates that have
fuelled the expansion."

REPUBLICAN NAY-SAYERS PROVED WRONG

New Yorker, 6/10/96: "With interest rates so low, the economy grew at a
rate that made a mockery of the Republicans' dire predictions."

Representative Newt Gingrich: "The tax increase will kill jobs and lead
to a recession, and the recession will force people off of work and onto
unemployment and will actually increase the deficit." [Atlanta
Journal-Constitution, 8/6/93.]

Senator Phil Gramm, 8/5/93: "We are buying a one-way ticket to a
recession."

Representative John Kasich: "...We're going to find out whether we have
higher deficits, we're going to find out whether we have a slower
economy, we're going to find out what's going to happen to interest
rates, and it's our bet that this is a job killer..." [Republican Press
Conference, 8/3/93.]

"It's like a snake bite. The venom is going to be injected into the
body of this economy, in our judgement and it's going to spread
throughout the body and it's going to begin to kill the jobs that
Americans have." [Congressional Record, 3/18/93.]

Representative Dick Armey: "The impact on job creation is going to be
devastating." [CNN, 8/2/93.]

"...will grow the Government and shrink the economy. It will mean fewer
jobs for ordinary Americans." [Congressional Record, 8/5/93.]

Representative John Boehner, 3/31/93: ".we want to do something about
reducing the budget deficits in this country and this budget resolution
does nothing, absolutely nothing to reduce the huge budget deficits that
we have had."